Could the techniques I used help you increase your income too?
- I have been a freelance writer for my entire career.
- I tripled my income in the last five years.
- I did this by taking a few key steps, including knowing how much my time is worth and investing in good tools.
I have worked as a freelance writer since 2008, when I started writing after graduating from law school. But while I was just starting out, I managed to slowly build a successful business. However, in the last five years, I have adopted some new techniques that have quickly helped me triple my income and improve my personal finances.
This is what I did to drastically increase my profits in a short period of time.
1. Experiment outside my comfort zone
One of the biggest factors that made the difference for me was being willing to learn new things and being willing to step out of my comfort zone to try new things.
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I had been doing the same type of work for the first 10 years of my career and was very familiar with the topics I was writing about. However, the writing I was doing was not paying that well.
When I saw job opportunities in different industries that offered much better rates, I took the time to learn about the subjects I would need to be an expert in in order to be considered for them. I developed the skills necessary to get paid a much higher rate than it would have been had I stayed with the status quo.
2. Know what my time is worth
I used to take almost every writing job that was offered to me. But, as I built up my experience and ended up with a ton of job offers, I realized I wasn’t using my time as wisely. I started turning down some jobs to focus on finding more profitable jobs, developing the skills I would need to get assignments that would have a much higher pay rate, and doing jobs that would put more money in my bank account.
In fact, I now work less than I used to, even though I earn more, because I realize that my time has value and I only take assignments that allow me to earn a certain minimum hourly rate.
3. Treat my job like a business
When I started writing for money, I treated it like a hobby, even though I was making money. But I realized that if I wanted this job to be lucrative as a full-time profession, I would have to treat my job like a business.
I formed an S corporation, started tracking my income and expenses much more carefully, and set a minimum number of hours I wanted to work each day on different things, like looking for new opportunities and completing existing projects. I also set minimum income goals for myself.
Ultimately, one of the biggest changes I made was investing in tools that allowed me to get organized and work efficiently.
I am now more than willing to pay for a quality computer and software programs to help me keep track of my tasks, keep all my links organized, track how much I am spending on each task to make sure they are valued and determine easily if my daily goals have been achieved.
This may seem like a small thing, but setting up my tools in a way that works for me has helped me increase my income by tens of thousands of dollars over the past year. I no longer waste time and am more motivated to get things done.
Ultimately, investing in myself, treating my work more seriously, and educating myself to take advantage of new opportunities has made a huge difference. I am able to save more, have paid off all my non-mortgage debt, and am able to spend on the things that matter most to me because of the steps I have taken. And maybe they could work for others too.